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Farmers & Merchants Bank

Lakeland, GA · Cert 5716 · Lowndes Bancshares Inc.

State charter, non-member · FDIC · 2 affiliate banks · 6 branches (12 in holding)

Q2 2026

$862.0MAssets
$620.8MLoans
$784.7MDeposits
$74.0MEquity
Loan mix
83%RE $492.1M12%C&I $69.9M5%Consumer $29.2MQ2 2025Q2 2026
Deposit mix
84%Interest-bearing $662.5M16%Noninterest $122.2MQ2 2025Q2 2026

NIM

6.75%Q2 ’246.74%Q2 ’256.55%Q2 ’260%+1%

Non-interest income vs. expense

3.07%Q2 ’242.63%Q2 ’252.27%Q2 ’26-12%-17%

Market Position · Valdosta, GA · 2026 SOD (annual) · 9.8% share · #4 of 16 inst. · $0.4B of $3.8B

6.9% Lowndes
53.5% Berrien
89.7% Clinch
100.0% Lanier

Executive Summary

  • Earnings: ROA of 1.68%, up 18 bps year over year; NIM at 4.66%.
  • Asset quality: problem loans at 1.86% of loans (-91 bps YoY), with net charge-offs at 0.19%.
  • Capital: tier 1 leverage ratio of 9.74%, up 26 bps from a year ago.
  • Funding: loans stand at 79.12% of deposits as of Q2 2026.

Financial Results

Return on Assets (quarter, annualized)

1.68%+18 bps YoY

Net Interest Margin (quarter, annualized)

4.66%+3 bps YoY

Efficiency Ratio (quarter, annualized)

46.40%-834 bps YoY

Tier 1 Leverage Ratio

9.74%+26 bps YoY

Discrete quarter, annualized.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.50%1.75%1.48%1.59%1.68%+18 bps
Return on Equity18.53%20.95%16.90%17.98%19.28%+75 bps
Net Interest Margin4.63%4.32%4.66%4.44%4.66%+3 bps
Efficiency Ratio54.74%47.49%59.00%49.94%46.40%-834 bps
Non-Interest Burden2.46%1.45%2.64%2.09%2.04%-43 bps
Growth
Asset Growth (YoY)9.49%9.31%3.76%7.44%13.33%+385 bps
Loan Growth (YoY)13.55%8.33%13.76%11.16%7.46%-609 bps
Deposit Growth (YoY)12.12%13.87%-0.65%4.68%12.79%+67 bps
Asset Quality
Nonperforming Loans / Loans2.76%1.83%1.82%2.22%1.86%-91 bps
Net Charge-Offs / Loans0.15%0.52%0.54%0.24%0.19%+4 bps
Allowance / Loans1.17%1.27%1.17%1.17%1.24%+7 bps
Allowance Coverage of NPLs0.4x0.7x0.6x0.5x0.7x+0.2x
Capital
Tier 1 Leverage Ratio9.47%9.56%9.97%9.92%9.74%+26 bps
Total Risk-Based Capital9.47%9.56%9.97%9.92%9.74%+26 bps
Equity / Assets8.16%8.57%8.90%8.84%8.58%+43 bps
Liquidity & Funding
Loans / Deposits83.04%82.25%89.43%85.73%79.12%-392 bps
Liquid Assets / Assets6.87%7.73%4.38%7.84%13.58%+671 bps
CRE / Total Capitaln/a361%397%406%n/an/a